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SEC Whistleblower Office Will Place More Emphasis on Anti-Retaliation Provisions and Publicity This Year

According to Securities and Exchange Commission Office of the Whistleblower Chief Sean McKessy, the unit will take a more aggressive approach to publicizing its activities and figuring out how to better enforce the anti-retaliation provisions of its bounty program. McKessy spoke at the DC Bar organized enforcement conference earlier this…

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Alleged Houston, Texas Affinity Fraud Scam Targeting Druze and Lebanese Communities Leads to SEC Charges Against Day Trader

The SEC has filed securities charges against day trader Firas Hamdan for allegedly running a Texas securities scheme in the Houston area that defrauded investors from the Druze and Lebanese communities. Hamdan, who used to be the treasurer of the Houston branch of the American Druze Society, is known among…

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US Supreme Court to Hear Appeals of Petitioners Over Stanford Ponzi Lawsuits

Our Texas securities fraud law firm has been bringing you the latest legal news developments in the efforts of defrauded investors to recoup their losses stemming from the $7 billion Stanford Ponzi scam. While the fate of R. Allen Stanford has already been sealed-he is serving 110 years in prison,…

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SEC News Roundup: Commission to Present Money Market Mutual Fund Reform Proposal, Achieves Record Number of Insider Trading Settlements During FY 2012

Commission to Present Money Funds Reform Proposal According to SEC Commissioner Daniel Gallagher, staff members are putting together a money market mutual fund reform proposal that will address the problems that occurred in 2008. Another area that will likely be looked at more closely in the proposal would be the…

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JPMorgan CEO Jamie Dimon Blames Regulators for Problems in the Wake of Economic Crisis

Speaking at a panel at the World Economic Forum in Davos, Jamie Dimon, the chief executive officer of JPMorgan Chase (JPM), said that one reason many of the issues from the 2008 financial crisis have yet to be fixed is because new regulations have made things more complex. Dimon said…

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FINRA News Roudup: FINRA Unveils Telephone Mediation Pilot and Proposes A More Stringent Definition of Public Arbitrator

FINRA Unveils Telephone Mediation Pilot The Financial Industry Regulatory Authority says it now has a pilot program that allows parties with simplified cases to choose reduced-fee or pro bono phone mediation. Volunteers with arbitration claims involving $50,000 or under are welcome to participate. In cases involving damage claims of $25,000…

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Mom of Baby Born with Cancer Sues Barclays Capital for $10M for Alleged Wrongful Termination

According to ABC News, Rachel Walsh, 32, has filed a $10 million lawsuit against Barclays Capital claiming that they fired her because she had to take a long leave of absence and subsequently terminated her child’s health coverage. Walsh’s child was born with cancer. She is alleging gender discrimination and…

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Large Financial Firms Roundup: Securities Fraud Suit Against Citigroup is Dismissed by 2nd Circuit, AIG Wants to File MBS-Related Cases Against Banks, & District Court Reconsiders Partial Dismiss of Class Action Against Morgan Stanley in Pension Fund Case

Second Circuit Dismisses Securities Fraud Lawsuit Against Citigroup The U.S. Court of Appeals for the Second Circuit has affirmed the district court’s decision to throw out the securities fraud lawsuit filed by a real estate developer against Citigroup (C) and its former CEO Vikram Pandit. Sheldon H. Solow had accused…

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Texas Securities: SEC Says District Court is Mistaken In Not Forcing SIPC to Act for Stanford Ponzi Scam Victims

Addressing the U.S. Court of Appeals for the District of Columbia Circuit, the Securities and Exchange Commission maintains that a lower court was wrong to deny the agency’s bid to compel the Securities Investor Protection Corporation to act on behalf of investors who were victimized by the Allen R. Stanford…

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Criminal Securities Fraud News: Hedge Fund Founder Gets 12 Years for Fraud, Research Firm Executive Goes to Prison for Insider Trading, and Holding Firm CEO Enters Guilty Plea to Conspiring to Bribe Brokers

  Hedge Fund Founder Gets 12 Years for Investment Fraud Albert Ke-Jeng Hu, the hedge fund founder of Fireside LS and Asenqua Beta Fund, is to serve 12 years behind bars for running an investment fraud scam. Prosecutors say that he lied to clients and told them his funds contained…

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